BitYard Crypto TradingLatest release: 1.0.2 ( 31st March 2021 ) 🔍 Last analysed 7th March 2022 . Custodial: The provider holds the keys Not functioning anymore
As the provider of this product holds the keys, verifiability of the product is not relevant to the security of the funds!
As part of our Methodology, we ask:
Is the product self-custodial?If the answer is "no", we mark it as "Custodial: The provider holds the keys".
A custodial service is a service where the funds are held by a third party like the provider. The custodial service can at any point steal all the funds of all the users at their discretion. Our investigations stop there.
Some services might claim their setup is super secure, that they don’t actually have access to the funds, or that the access is shared between multiple parties. For our evaluation of it being a wallet, these details are irrelevant. They might be a trustworthy Bitcoin bank and they might be a better fit for certain users than being your own bank but our investigation still stops there as we are only interested in wallets.
Products that claim to be non-custodial but feature custodial accounts without very clearly marking those as custodial are also considered “custodial” as a whole to avoid misguiding users that follow our assessment.
This verdict means that the provider might or might not publish source code and maybe it is even possible to reproduce the build from the source code but as it is custodial, the provider already has control over the funds, so it is not a wallet where you would be in exclusive control of your funds.
We have to acknowledge that a huge majority of Bitcoiners are currently using custodial Bitcoin banks. If you do, please:
- Do your own research if the provider is trust-worthy!
- Check if you know at least enough about them so you can sue them when you have to!
- Check if the provider is under a jurisdiction that will allow them to release your funds when you need them?
- Check if the provider is taking security measures proportional to the amount of funds secured? If they have a million users and don’t use cold storage, that hot wallet is a million times more valuable for hackers to attack. A million times more effort will be taken by hackers to infiltrate their security systems.
But we also ask:
Is the product still supported by the still existing provider?If the answer is "no", we mark it as "Not functioning anymore".
Discontinued products or worse, products of providers that are not active anymore, are problematic, especially if they were not formerly reproducible and well audited to be self-custodial following open standards. If the provider hasn’t answered inquiries for a year but their server is still running or similar circumstances might get this verdict, too.
Help spread awareness for build reproducibility
Please help us spread the word discussing the risks of centralized custodians with BitYard Crypto Trading via their Twitter!
Do your own research!
Try out searching for "lost bitcoins", "stole my money" or "scammers" together with the wallet's name, even if you think the wallet is generally trustworthy. For all the bigger wallets you will find accusations. Make sure you understand why they were made and if you are comfortable with the provider's reaction.
The Analysis ¶
Update 2022-02-25: This app is not available anymore.
Buy Bitcoin, Ethereum, Cardano, Tezos, Link, and more with USD. Link your bank account, add a debit or credit card, or use wire transfer to buy and sell crypto instantly.
CLASS-LEADING SECURITY Security is the highest priority for us when it comes to safeguarding your funds. Store your crypto safely with the Bityard.US app.
SECURE CRYPTO WALLET Keep your crypto safe and access your funds seamlessly with the Bityard.US multi-crypto wallet. USD deposits are protected by FDIC insurance.
BitYard may, by giving notice, at its sole discretion terminate the User’s access to the Platform and to the User’s Account, including without limitation, BitYard right to: limit, suspend or terminate the Services and the Users’ Accounts, prohibit access to the Services, delay or remove hosted content and take technical and legal steps to keep the Users off the Platform, with or without cause. In particular, BitYard may, in appropriate circumstances and at BitYard discretion, suspend or terminate Accounts of Users for any reason
This is a cryptocurrency exchange with KYC, termination clauses that bar access to the service and therefore it is custodial and cannot be verified.
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